Elliott wave analysis of EUR/NZD for March 3 - 2015

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Technical summary


We are still looking for the final decline closer to the long-term support near 1.4700, from which we expect a multi-month rally to take place. From the high of 1.5821, a five wave decline can be allowed for, which means we are close to a bottom and are looking at the longer-term picture. The long-term support from March 1997 is coming in close to 1.4700, which should provoke a long-term rally for many months.


Trading recommendation:


We will buy EUR at 1.4725 or higher than a break above resistance at 1.4925 (an order done cancels the others).


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EUR/NZD : analysis for March 03, 2015

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Overview:


In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4791 in an average volume. The major support level at the price of 1.4790 is again on the test again, so be careful when selling EUR/NZD at this stage. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of 1.4950. According to the 4H time frame, we can observe supply below the average volume. My advice is to watch for potential bullish opportunities near the lows. Any larger reaction from our support levels may confirm a further bullish phase.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4916


R2: 1.4949


R3: 1.5002


Support levels:


S1: 1.4809


S2: 1.4776


S3: 1.4722


Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).




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Elliott wave analysis of EUR/JPY for March 3 - 2015

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Technical summary:


Our dominant count is that the final decline in wave (v) currently is unfolding. A break below the minor support at 133.39 will support this count and will call for a decline towards the perfect target near 125.98. At this point only a break above the resistance at 134.60 and more importantly a break above resistance at 135.63 will invalidate the bearish count for a more complex correction in wave (iv).


Trading recommendation:


We are short EUR from 133.90 with a stop placed at 135.70. If you are not short EUR yet, then sell a break below 133.51 with stop placed at 134.65.


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Gold analysis for March 03, 2015

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Overview :


Since our last analysis, gold has been trading downwards. The price has tested the level of $1,195.27. We can observe a successful rejection from our Fibonacci retracement 61.8% at the price of $1,203.00. According to the 30M time frame, we have absorption volume in the background, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,235.00 (Fibonacci retracement 38.2%). According to a daily time frame, we have demand in a volume above the average.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,218.98


R2: 1,223.42


R3: 1,230.60


Support levels :


S1: 1,204.62


S2: 1,200.18


S3: 1,193.03


Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).




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Intraday technical levels and trading recommendations for GBP/USD for March 3, 2015

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A bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960, which have not been visited since July 2013.


Around the price levels of 1.5050 and 1.4960 the market has established another consolidation zone, which extended up to the price levels of 1.5280.


Two weeks ago, the ongoing bearish trend was terminated when bullish breakout above 1.5200 took place, as depicted on the chart. Since then, the GBP/USD pair has been trending upwards within the depicted bullish channel.


Estimated projection targets are located around 1.5600-1.5640 where the previous consolidation zone was located. However, earlier, bears have applied significant bearish pressure around 1.5550 resulting in the formation of a bearish engulfing daily candlestick without further retesting of 1.5600.


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By the end of the last week, the GBP/USD pair has consolidated above the price zone of 1.5360 (61.8% Fibonacci level), which failed to provide enough RESISTANCE over the last bullish swing.


For the current bullish breakout to persist, bulls should keep defending the price zone of 1.5300-1.5330 that is being approached today.


Estimated projection targets for the recent bullish breakout are roughly located around 1.5600-1.5640, which have not been tested yet.


On the other hand, the price action should be watched around the price zone of 1.5350-1.5300 to determine the next destination of the GBP/USD pair.


The bearish breakdown of 1.5300 should not be excluded, especially after the obvious bearish engulfing candlestick that occurred yesterday. If so, a bearish decline towards 1.5230 would be expected.


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Intraday technical levels and trading recommendations for EUR/USD for March 3, 2015

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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The EUR/USD pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the FULL bearish MONTHLY below 1.2000 (January's monthly candlestick).


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Bearish breakout below 1.2000 and 1.1900 (prominent psychological SUPPORT) allowed a quick bearish decline towards 1.1100 to take place few days later.


Conservative traders were suggested to wait for a bullish pullback looking for better prices to SELL the EUR/USD pair off (R1 at 1.1550 and R2 at 1.1700). However, the EUR/USD bulls did not show enough bullish momentum to reach these levels.


Instead, a bearish Flag pattern was established on the daily chart. DAILY fixation below the price level of 1.1260 (recent bottom) confirmed that bearish pattern.


Risky traders could wait for a bullish pullback towards the price level of 1.1260 (recent SUPPLY level) for SHORTING the pair.


The nearest DEMAND level to meet the EUR/USD pair would be located around 1.1110 (weekly low).


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GBP/USD intraday technical levels and trading recommendations for March 3, 2015

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Overview:


The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with the projection target at 1.5300.


The market has already pushed further below reaching down to 1.5030-1.4980 where the lower limit of the channel provided support for the pair few weeks ago.


The H4 chart showed a transition phase into a sideways movement that has been maintained within the depicted price range.


On February 5, initial bullish breakout above 1.5220 took place. Shortly after, a new DAILY support was established around 1.5170-1.5200 (ascending bottoms, a sign of ongoing bullish momentum).


Since then, the GBP/USD pair has been trending upwards. Persistence of the pair above the recent DAILY support (the price zone of 1.5170-1.5200) applied extensive bullish pressure over the price level of 1.5360 (61.8% Fibonacci level on the H4 chart), which did not provide enough RESISTANCE. Now these price levels are acting as SUPPORT.


The long-term projection target for the recent bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).


The GBP/USD pair has been moving upwards within the short-term bullish channel depicted on the daily chart until yesterday, when DAILY breakdown of the lower limit of the channel took place, indicating an upcoming bearish swing initially towards 1.5280.


Trading recommendations:


A valid SELL entry could have been taken at retesting of the price level of 1.5550. SL should be located above 1.5600. TP levels to be placed at 1.5480, 1.5360 and finally at 1.5280.


Risky traders can wait for DAILY fixation below 1.5350 to take a short-term SELL entry with TP at 1.5280 and 1.5210.


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Technical analysis of USD/CAD for March 3, 2015

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Overview :



  • The USD/CAD pair has rebounded from the minor support at 1.2492 and it is now approaching its support. It will probably start an upside movement at this area and recover again. Moreover, it should be noted that the price has formed a strong support at the level of 1.2470 today. Furthermore, this strong level has been still moving between 38.2% of Fibonacci retracement levels (the double bottom) and 61.8% on the H1 chart. Hence, the market will probably start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 1.2470 or 1.2492 with the first target at 1.2535 (the first resistance), then the USD/CAD pair will continue straightly towards the major resistance at 1.2558. What is more, the level of 1.2558 is going to represent the daily resistance, so it will be very gainful to take profit around this area. However, if the USD/CAD pair breaks this level and closure below 1.2470, it will be a downside momentum what is rather convincing. The structure of the fall does not look corrective, thus the market will indicate a bearish opportunity below 1.2450. Then the support will become a resistance, so it will be a good sign to sell below 1.2450 with the first target at 1.2420. It will call for a downtrend in order to continue bearish trend towards 1.2387 to test the double bottom.



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Technical analysis of NZD/USD for March 3, 2015

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Overview :



  • The NZD/USD pair will continue its rise straight from the level of 0.7449 (38.2% of Fibonacci retracement levels on the H4 chart). Moreover, it is probably going to form a double bottom at the same time frame. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.7450, so it will be a good sign to buy above the level of 38.2% of Fibonacci with the first target of 0.7542 and further to 0.7617 (it will act as a strong resistance, so it will be a good place to take profit). It should be also noted that this level of taking profit will coincide with 61.8% of Fibonacci retracement level. However, in case if a reversal takes place and the NZD/USD pair breaks through the support level of 0.7449, the market will decline further to 0.7403 in order to indicate a bearish market.



Trading recommendations :



  • According to the previous events, the price will be moving between the levels of 0.7613 and 0.7448.

  • Buy above the price of 0.7448 with the first target of 0.7545, it might resume to 0.7610.

  • Look for further downside with 0.7400 and 0.7375 targets below the levels of 0.7440/0.7435.



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Technical analysis of USD/JPY for March 03, 2015

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Fundamental Outlook:
USD/JPY is expected to consolidate with bullish bias after hitting almost a three-week high of 120.21 this morning. USD/JPY is underpinned by the bullish dollar sentiment (ICE spot dollar index hit 11-year high 95.514 Monday, last 95.49 versus 95.45 early Monday) and the higher US Treasury yields (10-year at 2.085% versus 2.002% late Friday) as expectations prevail that the Federal Reserve could raise interest rates as early as midyear. The pair is also boosted by a rise in the US core PCE price index for January by 0.1% on-month and by 1.3% on-year, while the US ISM manufacturing PMI for February came in at 52.9, roughly meeting forecast of 53.0. USD/JPY is also supported by demand from Japan's importers, the ultra-loose Bank of Japan's monetary policy, and yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 2.25% to 13.04; S&P 500 closed up 0.61% at 2,117.39 overnight). But the USD sentiment is dented by the surprise 1.1% on-month drop in the US January construction spending (versus forecast +0.1%), the bigger-than-expected 0.2% on-month drop in the US January personal spending (versus forecast -0.1%), and the smaller-than-expected 0.3% increase in the U. January personal income (versus forecast +0.4%). The USD/JPY gains are also tempered by the Japanese exports.


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, five- and 15-day moving averages are rising.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 120 and the second target at 120.35. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.60. A break of this target would push the pair further downwards, and one may expect the second target at 118.60. The pivot point is at 119.50.


Resistance levels:

120

120.35

120.75

Support levels:

119.10

118.60

118.25


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Daily analysis of GBP/USD for March 03, 2015

Bears are those who affect the current movements in the GBP/USD pair on the daily chart again, as the pair is trading lower and still below the resistance level of 1.5491. One could expect a fall to the support level of 1.5247, but the GBP/USD pair will continue to fall breaking that support zone in the coming days. The MACD indicator is entering to a negative territory.


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An intraday outlook shows that the GBP/USD pair will find a solid support at the 1.5340 level, because that zone have been showing strength during the last week. At this point, the pair is trading below the 200 SMA and the H1 chart is showing a more solid bearish trend, but the GBP/USD pair could eventually test the resistance level of 1.5413 again.


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Daily chart's resistance levels: 1.5761 / 1.5957


Dailychart's support levels: 1.5491 / 1.5247


H1 chart's resistance levels: 1.5413 / 1.5455


H1 chart's support levels: 1.5340 / 1.5257






Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5413, take profit is at 1.5455, and stop loss is at 1.5370.


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Daily analysis of USDX for March 03, 2015

On the daily chart we can see a huge bullish consolidation in progress, as the USDX is trying to perform a breakout at the resistance zone of 95.45. Bulls will be very strong when the instrument starts to form a higher high pattern above that territory. For now, we could recommend to wait for that breakout before resuming buy orders on the USDX.




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The resistance level of 95.52 on the H1 chart is still solid and the USDX stays alive above the support level of 95.31. This shows us a proof of the current bullish bias's strengthening on the intraday charts. The 200 SMA is bullish and we expect more bullish rallies on this instrument, but first, we would like to see the breakout on that resistance zone.


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Daily chart's resistance levels: 95.45 / 96.96


Dailychart's support levels: 94.18 / 93.02


H1 chart's resistance levels: 95.52 / 96.63


H1 chart's support levels: 94.02 / 93.87






Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD index breaks through with a bullish candlestick; the resistance level is at 94.38, take profit is at 94.87, and stop loss is at 94.41.


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Technical analysis of USD/CHF for March 03, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting a six-week high of 0.9598 on Monday. It is underpinned by bullish dollar sentiment, negative Swiss interest rates, and the threat of the Swiss National Bank CHF-selling intervention. But the Swiss sentiment was boosted by a stronger-than-expected Swiss PMI 47.3 in February (versus forecast 46.5).


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels, five- and 15-day moving averages are advancing.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9630 and the second target at 0.9670. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9495. A break of this target would push the pair further downwards, and one may expect the second target at 0.9445. The pivot point is at 0.9530.


Resistance levels:

0.9630

0.9670

0.9690


Support levels:

0.9495

0.9445

0.9405


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Technical analysis of NZD/USD for March 03, 2015

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Fundamental overview:
NZD/USD is to trade in a lower range. It is undermined by the bullish dollar sentiment (ICE spot dollar index hit 11-year high 95.514 Monday, last 95.49 versus 95.45 early Monday) and the higher US Treasury yields (10-year at 2.085% versus 2.002% late Friday) as expectations prevail that the Federal Reserve could raise interest rates as early as midyear. The pair is also affected by contagion from the weak Aussie, a rise in the US core PCE price index for January by 0.1% on-month and by 1.3% on-year, while the US ISM manufacturing PMI for February came in at 52.9 roughly meeting the forecast of 53.0. But the NZD/USD losses are tempered by the positive investor risk appetite.


Technical comment:

The daily chart is mixed as the MACD is bullish, but stochastics turned bearish at overbought levels. Bearish outside-day-range pattern was completed on Monday.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7570 and the second target at 0.7615. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7470. A break of this target would push the pair further downwards, and one may expect the second target at 0.7430. The pivot point is at 0.7510.


Resistance levels:

0.7570

0.7615

0.7655



Support levels:


0.7470

0.7430

0.7


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Technical analysis of GBP/JPY for March 03, 2015

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Fundamental overview:
GBP/JPY is expected to trade with bullish bias. It is supported by the positive investor risk appetite, buoyant USD/JPY undertone and demand from Japan's importers. But the GBP/JPY gains are tempered by the weak EUR/USD undertone and the Japanese exports. The GBP/JPY losses are also tempered by the pound demand on buoyant GBP/JPY cross amid positive investor risk appetite.


Technical comment:

The daily chart is mixed as the MACD is bullish, stochastics is turning bullish at oversold levels, but five-day moving average is below 15-day moving average and is declining.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 183.35. A break of that target will move the pair further downwards to 182.90. The pivot point stands at 184.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 185.05 and the second target at 185.70.


Resistance levels:

185.05

185.70

186.15


Support levels:

183.35

182.90

182.50


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#USDX technical analysis for March 3, 2015

The Dollar index remains in a bullish trend in all time frames. After the buy signal had been generated in the area of the triangle breakout, the Dollar index was not pushed back below the breakout area. We saw a back test of the breakout area and now we see the index making higher highs and higher lows.


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Red lines=triangle pattern


The Dollar index is above the Ichimoku cloud and is in a bullish trend since the breakout above 95 where the upper triangle boundary was. Trend is bullish as long as price is above 94. I continue to expect a breakout towards new highs near 97-98.


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The monthly chart of the Dollar index is fully bullish. Strong resistance is at 95.80-96 where the 50% retracement is found. I expect this level to be broken and the Dollar index to move towards the 61.8% retracement over the coming weeks. Target is 100-101.


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Gold technical analysis for March 3, 2015

Gold price has made a strong reversal yesterday towards the support of $1,200. The short-term trend is unclear for gold, but there is an increased chance of a continued bounce towards the 38% retracement of $1,235.


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Gold price, as shown on the 4-hour chart above, is inside the Ichimoku cloud and above the green support area of $1,188-$1,200. As long as gold price is above the green support area, I would expect gold price to bounce towards the 38% Fibonacci retracement at least.


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Red line = support


Gold price on the weekly chart, as shown above, remains in a bearish trend and below the kijun-sen resistance (yellow line). However, as long as the price is above the red line support, I would expect gold price to bounce above the kijun-sen (yellow line) towards the tenkan-sen (red line) at least.




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Technical analysis of USD/CAD for March 3, 2015

General overview for 03/03/2015 09:40 CET


The recent wave development might be labeled in two different ways and both of them are bullish. The difference between them is the range of corrective wave c green of wave (ii) green. There is the key level for both counts at the level of 1.2474, because any violation of this level would invalidate the alternative count and made the corrective decline more deeper than it is now. Nevertheless, the wave progression looks pretty bullish so far and any breakout above weekly pivot at the level of 1.2515 and above the golden trend line is going to support a bullish view.


Support/Resistance:


1.2367 - WS1


1.2447 - Intraday Support


1.2474 - Intraday Support|Key Level|


1.2515 - Weekly Pivot


1.2564 - Intraday Resistance


1.2600 - Dynamic Trend Line Resistance


Trading recommendations:


Daytraders and swingtraders should consider opening buy orders from the current market levels with SL below the level of 1.2474 and TP open for now.


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Technical analysis of GBP/CHF for March 03, 2015


Technical outlook and chart setups:


The GBP/CHF remains unchanged from what was discussed yesterday and is seen trading above 1.4700 handle for now. The pair should be poised to remain in control of bulls till prices stay above 1.4580 levels. Furthermore, it is expected to reach 1.4900/75 levels in the coming sessions. Hence, recommendations are to hold long positions for now, risk below 1,4580 levels. Immediate support is seen at 1.4580 (interim), followed by 1.4400, 1.4300 and lower while resistance is seen at 1.4750/60 (interim), followed by 1.4900/75 and higher respectively. On the flip side, a break below 1.4580 would confirm that a lower top is in place at 1.4750 levels.


Trading recommendations:


Remain long, stop at 1.4550, a target 1.4900/75.


Good luck!




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Technical analysis of EUR/JPY for March 03, 2015


Technical outlook and chart setups:


The EUR/JPY pair has been hold 134.00 levels for now after hitting 134.50/60 levels yesterday. The pair still remains inclined towards a bullish break towards at least 137.50 and 138.00 levels as we have been discussing lately. It is still recommended to remain bullish, with stop below 132.50 levels. Immediate support is seen at 133.20/30 levels (interim), followed by 132.25, 130.00 and lower while resistance is seen at 135.90/136.00, followed by 165.50 (interim), 137.50/138.00 and higher respectively. Bulls are expected to remain in control till prices stay above 132.00 and subsequently above 130.00 levels respectively.


Trading recommendations:


Remain long, stop at 132.50, a target is 138.00.


Good luck!




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Technical analysis of Silver for March 03, 2015


Technical outlook and chart setups:


Silver tested $16.0/10 levels for the third time today before pulling back sharply towards $16.40/50 levels again. The metal was expected to drop into $16.20/30 levels after hitting the intermediary resistance trend line passing through $16.70 levels yesterday. Please note that the $16.00 handle still remains intact and recommendations are to remain long, with risk at $15.50 for now. Immediate support is seen at $16.00 levels (interim), followed by $15.50 and lower while resistance is seen at $16.80/90, followed by $17.40/50, $18.50 and higher respectively.


Trading recommendations:


Remain long, stop at $15.50, a target is open.


Good luck!




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Technical analysis of EUR/USD for March 03, 2015

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When the European market opens, economic news about the PPI m/m, the Spanish unemployment rate, and retail sales in Germany m/m will be released. The US is expected to release economic data about Fed Chair Yellen's speech, total vehicle sales, and IBD/TIPP Economic Optimism. So, the EUR/USD will move from low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1236.

Strong Resistance:1.1230.

Original Resistance: 1.1219.

Inner Sell Area: 1.1208.

Target Inner Area: 1.1182.

Inner Buy Area: 1.1156.

Original Support: 1.1145.

Strong Support: 1.1134.

Breakout SELL Level: 1.1128.





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Technical analysis of USD/JPY for March 03, 2015

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In Asia, Japan will release data on a 10-y bond auction, average cash earnings y/y, and monetary base y/y.The US is expected to release economic data about total vehicle sales, Fed Chair Yellen's speech, total vehicle sales, and IBD/TIPP economic optimism. So, there is a big probability that the USD/JPY will move from low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.54.

Resistance. 2: 120.31.

Resistance. 1: 120.07.

Support. 1: 119.78.

Support. 2: 119.54.

Support. 3: 119.31.





Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for March 03, 2015.


Technical outlook and chart setups:


Gold has dropped towards $1,195.00 levels after hitting intraday highs at $1,223.50 levels yesterday. The metal has still declining in a corrective manner and it is expected to resume rally from current levels to the $1,240.00 and $1,276 levels subsequently. The recent drop towards $1,195.00 levels could be the last one before rallying higher as depicted here on the 4H chart view. Bulls are expected to be back in control till prices remain above $1,190.00 levels. It is hence recommended to remain long, with risk at $1,170.00 levels. Immediate support is seen at $1,190.00 (interim), followed by $1,170.00 while resistance is seen at $1,230.00/40.00 levels, followed by $1,276.00 and higher respectively.


Trading recommendations:


Remain long, stop at $1,170.00, a target is open.


Good luck!




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Technical analysis and trading recommendations on GBP/USD for March 03, 2014

UK manufacturing PMI rises to a 7-month high. The growth rate of the UK manufacturing sector continued to strengthen at the start of 2015. The seasonally adjusted Markit/CIPS PMI rose to a seven-month high of 54.1 in February, up from 53.1 in January. Today, traders eye Carney's speech and construction PMI data. We are bullish for the British pound against crosses, but still remain cautious about the US dollar. From the technical view, the cable closed marginally higher last week. Technically, the cable was rejected from 20Wsma and 100Dsma last week. The cable has been improving the support base from the lows 1.4951. If we look at the daily chart, prices are moving up and consolidating, again pushing to a new high with consolidation. This time, the price is consolidating in the crucial support zone. We can find a strong support base between 1.5350 and 1.5315, last hope at 1.5280 or 50Dsma. The intraday resistance is found at 1.5350. We recommend selling below 1.5350 with targets at 1.5330, 1.5315, and 1.5280. Bulls can challenge 1.5500 and 1.5560, in case the price closes above 1.5480. The near- and medium-term trend will turn to positive, in case the price closes above 1.5500 on a weekly basis.


Resistance: 1.5380, 1.5420, 1.5460.


Support: 1.5350, 1.5330, 1.5280.


From the above analysis, we recommend you:


selling below 1.5350.


Buyers: buying between 1.5316 and 1.5300, sl 1.5280.


Risk lovers: buy with sl 1.5350.


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Review and trading recommendations on EUR/USD for March 03, 2015

EUR/USD


REVIEW. Italy and Spain Manufacturing PMI printed an optimistic views on the economies. Spain Manufacturing PMI rise has been the sharpest since April 2007. The seasonally adjusted Spain PMI posted 54.2 in February, down from 54.7 in January, but it still signalling a marked monthly improvement in operating conditions. Italy's manufacturers recorded a solid rise in output in February, the fastest since June 2014. Italy's Manufacturing PMI is registered above the critical 50.0 mark for the first time in five months in February. At 51.9, up from January’s 49.9, the index was at its highest level since July 2014. Providing a boost to the sector was a rise in incoming new orders, the first in five months. Overall, the eurozone manufacturing maintains modest growth in February. Final eurozone Manufacturing PMI came in at 51.0 in February (Flash: 51.1, January Final: 51.0). Jobs growth was seen in Ireland, Italy and Spain, but further cuts were recorded in France and Austria. The euro area annual inflation is expected to be -0.3% in February 2015, up from -0.6% in January, according to a flash estimate from the Eurostat, the statistical office of the European Union.


Upcoming economic events


Today, traders eye German retail sales and Spanish unemployment change. US Federal Reserve Chair Yellen's speech is due.


Technical view


Ahead of these data, the USD is trading higher against the euro at the Asian session. From the technical view, the broken support base turned to a resistance zone between 1.1260 and 1.1280. Again, we recommend using every rise to sell with targets at 1.1100, 1.0970, and 1.0930. The panic will be triggered below 1.1150. In case, a h4 candle closes below 1.1150, bears can challenge mentioned lower targets. Selling is below 1.1150. The prices are closed and trading far below hourly moving averages. Until prices close below 1.1310, use every rise to sell. The weekly resistance is found between 1.1310 and 1.1350. The trading pattern is framed between 1.1280 and 1.1175. Forgot buying, until the price closes above 1.1280.

Resistance: 1.1200, 1.1240, 1.1260.


Support: 1.1177,1.1150, 1.0970.


Trade: selling below 1.1150.


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Technical analysis and trading recommendation for Gold for March 03, 2014

A heavy data week dragged the price to the support level from a two-week high. China cut interest rates for the second time in three months. Today traders eye on Yellen's speech and Carney's speech, and Yellen's speech is highly important. Gold prices were trading marginal higher during the Asia session on Tuesday. The parallel resistance is found between $1,222.60 and $1,224.00. Metal prices were rejected from $1,222.90 and pushed to $1,204.00. Yesterday, I said bulls will have the upper hand, until the price closes above $1,204.00. Now, the strategy has turned in bears' favour. Until prices close below $1,214.00, bears have the upper hand. The intraday support is found at $1,204.00 and resistance is seen at $1,211.00. The weekly and daily resistance is set between $1,223.00 and $1,228.00. The near-term bottom was placed at $1,190.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.


Resistance: $1,211.00, $1,220.00,$1,224.00


Support: $1,204.00, $1,200.00, $1,190.00.


We recommend fresh selling below $1,204.00 with targets at $1,200.50, $1,195.00, and $1,190.00. We can expect strong momentum only above $1,224.00 towards the levels of $1,236.00, $1,245.00, and $1,255.00. Chances are remote for now.


Selling sl $1,214.00 target $1,204.00, $1,200.00, $1,195.00 and $1,190.00


Safe selling below $1,204.00


Buying above $1,214.00


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Daily analysis of major pairs for March 3, 2015

EUR/USD: This pair is still bearish in outlook, and is not yet able to go upwards significantly, following a strong bearish run that happened at the end of last week. As long as this pair is weak, the USD/CHF (which normally gets negatively correlated to the EUR/USD) would not be able to go downwards. The price is currently between the support line at 1.1150 and the resistance line at 1.1200. The support line is likely to be breached to the downside but the price may be unable to close below it, because the outlook on the EUR is upbeat.


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USD/CHF: Concerning the EUR/USD, as it is said above, the market will continue to meander its way upwards as long as the EUR/USD is weak. The market moved upward on Monday, staying above the support level at 0.9550, and moving very close to the resistance level at 0.9600. Unless there is a sudden weakness in the USD, the resistance level at 0.9600 stands a good chance of being breached to the upside.


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GBP/USD: Despite the bulls' recent efforts, the Cable could go a little bit lower this week. The price has started moving downwards gradually, and further downwards movement is going to lead to a Bearish Confirmation Pattern.


1425338583_3.png

USD/JPY: The USD/JPY, whose dominant bias is bullish, has already started another leg of its bullish journey. The price is currently trading above the demand level at 120.00 (which was our first target for this week), going towards the supply level at 120.50. That is the second target for this week.


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EUR/JPY: There is now a faint bullish effort on this cross and the supply zones at 135.00 and 135.50 can be attained this week. The outlook on this cross is bullish for the week.


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